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Capital One Walmart MC denied - deflated, need some advice

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Anonymous
Not applicable

Capital One Walmart MC denied - deflated, need some advice

Hi folks, been lurking a while trying to re learn everything. Just got denied for the walmart card - apparently both of them. Looking for advice...

 

Background:

no late fees, no BK, have had the same 3 CCs (chase, bofa, amex blue) for the last few years - two over 15 yrs, amex about 10 with a combined 60k CL (25, 30 , 5). I use the chase as my main one - around 1k a month reporting a balance of about $100 each month - the other two almost never get used. Salary in the mid 200k.

 

Events since last 12 months

  • early '21 we paid off the car loan
  • mid '21 amex closed blue card due to no usage - bofa score went from 850 to 842
  • late '21 we refinanced - as old mortgage went to closed bofa score went down to 795; new mortgage has not reported yet.
  • all 3 credit scores were in the high 820s having dropped some after refinancing at time of applying.
  • Saturday applied for bofa and got instant approval with 30k CL - this was to replace my chase card for the next few years.
  • Sunday conviced wife to apply for walmart. She got instant approval, I got the 7-10 day notice then a denial email next day. When I applied I had 2 inqs - one from the refinance and one from the bofa card. I also noticed my daily CC had reported 0 balance due to some refunds that had posted.

AAL listed the following as resaons to not being approved:

  • Lack of recent installment loan information
  • Too many inquiries last 12 months
  • No recent revolving balances
  • Length of time accounts have been established
  • Number of inquiries on credit report

My question is what is the path forward - it's funny how you don't realize how much you want something till someone says no.

  • Should I go down the list of backdoor #s for cap1? what would I try to explain - the lack of installment (new refinance) and possibly the CCs showing 0?
  • Does it help to reapply? I'm worried since feb is new month, will they pull another round of HPs? How long can/should I wait?
  • Just suck it up and wait it out - maybe try to fix the 0 balance and wait for mortgage and just accept another round of HPs? Would refinance being reported help right away or hurt?

Sorry for the wall of text, I guess this is eating at me much more than I realized. thanks!

Message 1 of 10
9 REPLIES 9
FinStar
Moderator Emeritus

Re: Capital One Walmart MC denied - deflated, need some advice


@Anonymous wrote:

Hi folks, been lurking a while trying to re learn everything. Just got denied for the walmart card - apparently both of them. Looking for advice...

 

Background:

no late fees, no BK, have had the same 3 CCs (chase, bofa, amex blue) for the last few years - two over 15 yrs, amex about 10 with a combined 60k CL (25, 30 , 5). I use the chase as my main one - around 1k a month reporting a balance of about $100 each month - the other two almost never get used. Salary in the mid 200k.

 

Events since last 12 months

  • early '21 we paid off the car loan
  • mid '21 amex closed blue card due to no usage - bofa score went from 850 to 842
  • late '21 we refinanced - as old mortgage went to closed bofa score went down to 795; new mortgage has not reported yet.
  • all 3 credit scores were in the high 820s having dropped some after refinancing at time of applying.
  • Saturday applied for bofa and got instant approval with 30k CL - this was to replace my chase card for the next few years.
  • Sunday conviced wife to apply for walmart. She got instant approval, I got the 7-10 day notice then a denial email next day. When I applied I had 2 inqs - one from the refinance and one from the bofa card. I also noticed my daily CC had reported 0 balance due to some refunds that had posted.

AAL listed the following as resaons to not being approved:

  • Lack of recent installment loan information
  • Too many inquiries last 12 months
  • No recent revolving balances
  • Length of time accounts have been established
  • Number of inquiries on credit report

My question is what is the path forward - it's funny how you don't realize how much you want something till someone says no.

  • Should I go down the list of backdoor #s for cap1? what would I try to explain - the lack of installment (new refinance) and possibly the CCs showing 0?
  • Does it help to reapply? I'm worried since feb is new month, will they pull another round of HPs? How long can/should I wait?
  • Just suck it up and wait it out - maybe try to fix the 0 balance and wait for mortgage and just accept another round of HPs? Would refinance being reported help right away or hurt?

Sorry for the wall of text, I guess this is eating at me much more than I realized. thanks!


Sometimes decision results can be somewhat perplexing, but reading between the lines on the cited reasons, things can be positioned to eventually achieve getting the card.

 

What drew you in for going for the Walmart MC? 

Unfortunately, there are no reconsideration options with Capital One. Once a system decision is made, it's final. 

Perhaps you can provide a little more info on the bolded red points above to get an understanding of some of the mechanics.

 

It sounds like you're not letting some adequate balances report (especially since things zero out with any Chase revolving accounts). How long did your AmEx account stay inactive as it appears it was closed for non-use?  How many inquiries are on each bureau for the past 12 months (including mortgage inquiries)?  Since the mortgage isn't reporting yet, it appears there wasn't any active installment loan activity given the payoff of your prior loan.

Message 2 of 10
justbeyou0724
Valued Member

Re: Capital One Walmart MC denied - deflated, need some advice

I would wait sometime maybe 6 months before you reapply. I would recommend checking the pre approval site first. If you go on capital one's website and search for the Walmart card they have a pre approval link you can try before wasting a hard pull. In my experience there pre approval is accurate if the are willing to extend credit. 

Message 3 of 10
CreditCrusader
Valued Contributor

Re: Capital One Walmart MC denied - deflated, need some advice


@Anonymous wrote:

Hi folks, been lurking a while trying to re learn everything. Just got denied for the walmart card - apparently both of them. Looking for advice...

 

Background:

no late fees, no BK, have had the same 3 CCs (chase, bofa, amex blue) for the last few years - two over 15 yrs, amex about 10 with a combined 60k CL (25, 30 , 5). I use the chase as my main one - around 1k a month reporting a balance of about $100 each month - the other two almost never get used. Salary in the mid 200k.

 

Events since last 12 months

  • early '21 we paid off the car loan
  • mid '21 amex closed blue card due to no usage - bofa score went from 850 to 842
  • late '21 we refinanced - as old mortgage went to closed bofa score went down to 795; new mortgage has not reported yet.
  • all 3 credit scores were in the high 820s having dropped some after refinancing at time of applying.
  • Saturday applied for bofa and got instant approval with 30k CL - this was to replace my chase card for the next few years.
  • Sunday conviced wife to apply for walmart. She got instant approval, I got the 7-10 day notice then a denial email next day. When I applied I had 2 inqs - one from the refinance and one from the bofa card. I also noticed my daily CC had reported 0 balance due to some refunds that had posted.

AAL listed the following as resaons to not being approved:

  • Lack of recent installment loan information
  • Too many inquiries last 12 months
  • No recent revolving balances
  • Length of time accounts have been established
  • Number of inquiries on credit report

My question is what is the path forward - it's funny how you don't realize how much you want something till someone says no.

  • Should I go down the list of backdoor #s for cap1? what would I try to explain - the lack of installment (new refinance) and possibly the CCs showing 0?
  • Does it help to reapply? I'm worried since feb is new month, will they pull another round of HPs? How long can/should I wait?
  • Just suck it up and wait it out - maybe try to fix the 0 balance and wait for mortgage and just accept another round of HPs? Would refinance being reported help right away or hurt?

Sorry for the wall of text, I guess this is eating at me much more than I realized. thanks!


At this point, I wouldn't touch Cap 1 with a 12-foot pole...and I say that as someone who has steadily defended their business model.

 

I truly believe that they're spooked by the current credit market and the number/size of lines being handed out en masse. They also see that interest rates are going to go up, thus pinching unsecured credit and tightening those loose lines.

 

Given that their business model is already stingy relative to approvals and CLs, I'd seek other options. The rewards for the card you were denied for are room temperature, at best...and Cap 1 is notorious for no reconsiderations after denial. Add to that the prospect of a triple pull and you have reasons to pivot to other CCs.

In my wallet: Apple $5,000, local CU $15,000, Bread AMEX $5,000. In my sock drawer: A few other cards Smiley Happy

Current scores (EQ, EX, TU): 787, 788, 796
Message 4 of 10
AverageJoesCredit
Legendary Contributor

Re: Capital One Walmart MC denied - deflated, need some advice


@Anonymous wrote:

Hi folks, been lurking a while trying to re learn everything. Just got denied for the walmart card - apparently both of them. Looking for advice...

 

Background:

no late fees, no BK, have had the same 3 CCs (chase, bofa, amex blue) for the last few years - two over 15 yrs, amex about 10 with a combined 60k CL (25, 30 , 5). I use the chase as my main one - around 1k a month reporting a balance of about $100 each month - the other two almost never get used. Salary in the mid 200k.

 

Events since last 12 months

  • early '21 we paid off the car loan
  • mid '21 amex closed blue card due to no usage - bofa score went from 850 to 842
  • late '21 we refinanced - as old mortgage went to closed bofa score went down to 795; new mortgage has not reported yet.
  • all 3 credit scores were in the high 820s having dropped some after refinancing at time of applying.
  • Saturday applied for bofa and got instant approval with 30k CL - this was to replace my chase card for the next few years.
  • Sunday conviced wife to apply for walmart. She got instant approval, I got the 7-10 day notice then a denial email next day. When I applied I had 2 inqs - one from the refinance and one from the bofa card. I also noticed my daily CC had reported 0 balance due to some refunds that had posted.

AAL listed the following as resaons to not being approved:

  • Lack of recent installment loan information
  • Too many inquiries last 12 months
  • No recent revolving balances
  • Length of time accounts have been established
  • Number of inquiries on credit report

My question is what is the path forward - it's funny how you don't realize how much you want something till someone says no.

  • Should I go down the list of backdoor #s for cap1? what would I try to explain - the lack of installment (new refinance) and possibly the CCs showing 0?
  • Does it help to reapply? I'm worried since feb is new month, will they pull another round of HPs? How long can/should I wait?
  • Just suck it up and wait it out - maybe try to fix the 0 balance and wait for mortgage and just accept another round of HPs? Would refinance being reported help right away or hurt?

Sorry for the wall of text, I guess this is eating at me much more than I realized. thanks!


With your income score and profile there are better cards to lament over imo. I would not cry for Walmart or Cap OneSmiley Wink. There are plenty of cards you can get that are better imo you just have to research what cards , ie CU cards, that will fit your spend. 

Message 5 of 10
Anonymous
Not applicable

Re: Capital One Walmart MC denied - deflated, need some advice

Thanks folks - wanted to circle back and update my status - I had to take a few days off and cool down a bit...

 

As suggested, I did try the cap one pre approval and the only cards presented were secured cards with AF so there was definately something spooking them about me. Incidently Chase and Experian both were suggesting fairly high level CCs (with Experian showing high 90%s as a match) so I don't know the disconnect. I also revisited my recent autopays that had resulted in both my CCs reporting 0 for at least 3 months. After 'fixing' it and letting one of them report a small balance, the FICO score went up by 14.

 

I also stepped back and re-evaluated my need for the walmart card - i.e. maximizing my walmart purchase rewards - and going through the posts here found out more about the BofA CCR cards which with my standing with them actually would net me a better reward than the cap one card. So, I'm going to focus on getting that and using this as a learning experience and a wake up call for paying more attention to the autopay schedules. I would've prefered learning this without the rejection and the HPs from cap one but on the other hand this all could've happened when we were trying to get our mortgage so better now I suppose.

 

thanks again...

Message 6 of 10
FinStar
Moderator Emeritus

Re: Capital One Walmart MC denied - deflated, need some advice


@Anonymous wrote:

Thanks folks - wanted to circle back and update my status - I had to take a few days off and cool down a bit...

 

As suggested, I did try the cap one pre approval and the only cards presented were secured cards with AF so there was definately something spooking them about me. Incidently Chase and Experian both were suggesting fairly high level CCs (with Experian showing high 90%s as a match) so I don't know the disconnect. I also revisited my recent autopays that had resulted in both my CCs reporting 0 for at least 3 months. After 'fixing' it and letting one of them report a small balance, the FICO score went up by 14.

 

I also stepped back and re-evaluated my need for the walmart card - i.e. maximizing my walmart purchase rewards - and going through the posts here found out more about the BofA CCR cards which with my standing with them actually would net me a better reward than the cap one card. So, I'm going to focus on getting that and using this as a learning experience and a wake up call for paying more attention to the autopay schedules. I would've prefered learning this without the rejection and the HPs from cap one but on the other hand this all could've happened when we were trying to get our mortgage so better now I suppose.

 

thanks again...


Thanks for the update @Anonymous.

 

You mentioned Experian as far as suggested credit card matches, however, these are seldom fruitful. The site is monetized by a variety of lenders to peddle all kinds of offers, so I would disregard those matches. Same goes for a variety of others like Credit Karma. To gauge the odds, best to try the actual lender websites directly.

Message 7 of 10
collics
Established Contributor

Re: Capital One Walmart MC denied - deflated, need some advice

I will say I'm surprised based on your profile that you would be denied. I'm comparing that to my own which is not good. BK, COs (incl cap one),  etc and i was approved. Albeit for a low amount but approved none the less.

 

I def agree it's nothing to fret over. After that first 12 months, the card won't be that great since the 5% lowers to 2% in store after that. Too many 2% flat cb cards out there for that. 

 

Wish they could have just directly competed w Target and offered 5% off all the time for everything.

BK 7 Discharged May 2014. Removal Feb 2024! Let the countdown begin!!
Last App: Apr 2023
Newest to Oldest:


FICO8s Dec 2019

FICO8s Oct 31 2023
Message 8 of 10
Vuby22
Contributor

Re: Capital One Walmart MC denied - deflated, need some advice


@collics wrote:

I will say I'm surprised based on your profile that you would be denied. I'm comparing that to my own which is not good. BK, COs (incl cap one),  etc and i was approved. Albeit for a low amount but approved none the less.

 

I def agree it's nothing to fret over. After that first 12 months, the card won't be that great since the 5% lowers to 2% in store after that. Too many 2% flat cb cards out there for that. 

 

Wish they could have just directly competed w Target and offered 5% off all the time for everything.


Even after 12 months, Walmart store card or Walmart MC still gives 5% back for online shopping items that are shipped, delivered, and picked up including groceries. The 2% is when you are shopping then paying instore. Now go have fun shopping on the interweb!

 

Sorry to OP, you prob could get my goal card and I have yours Smiley Sad.


Message 9 of 10
collics
Established Contributor

Re: Capital One Walmart MC denied - deflated, need some advice


@Vuby22 wrote:

@collics wrote:

I will say I'm surprised based on your profile that you would be denied. I'm comparing that to my own which is not good. BK, COs (incl cap one),  etc and i was approved. Albeit for a low amount but approved none the less.

 

I def agree it's nothing to fret over. After that first 12 months, the card won't be that great since the 5% lowers to 2% in store after that. Too many 2% flat cb cards out there for that. 

 

Wish they could have just directly competed w Target and offered 5% off all the time for everything.


Even after 12 months, Walmart store card or Walmart MC still gives 5% back for online shopping items that are shipped, delivered, and picked up including groceries. The 2% is when you are shopping then paying instore. Now go have fun shopping on the interweb!

 

Sorry to OP, you prob could get my goal card and I have yours Smiley Sad.


Hi, yes I said it lowers to 2% in store. 

BK 7 Discharged May 2014. Removal Feb 2024! Let the countdown begin!!
Last App: Apr 2023
Newest to Oldest:


FICO8s Dec 2019

FICO8s Oct 31 2023
Message 10 of 10
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